NOT Pumps 25% to Become the Market's Top Gainer, But the Trend Remains Bearish on the Mid-Term Scale
- Patricia ArquetteOriginal
- 2024-11-12 06:24:20486browse
Since the start of the week, today marks the biggest recovery in Not's price, as it pumps 25% in the last 24 hours. This makes the meme coin the top gainer of the market, but it remains bearish on the mid-term scale.
Meme coin Not has surged by 25% in the last 24 hours, making it the biggest recovery since the start of the week. However, despite the surge, Not’s trend remains bearish on a mid-term scale.
After suffering daily losses for the past six months, Not has finally bounced back after finding strong support. This caused a notable surge in the price, which reached $0.00789 today. However, the price has retraced slightly and is currently trading at $0.00765.
If we look at the market structure, this surge appears to be a retracement of the bearish pattern—a lower low and lower high move—from the $0.0298 level in June.
There is a minor resistance level at $0.0085. If the price fails to break above this resistance level, it could trigger another leg down, potentially dropping the price into the $0.004 range. However, a successful push above the mentioned resistance could activate a short-term shift in the market structure.
Despite the surge, Not’s trend remains bearish on a mid-term scale. A drop below its recent low could trigger more sell-off, but judging by the recent market positivity, the trend is likely to shift upwards.
NOT’s Key Level To Watch
There’s an immediate resistance at $0.0085 but the main resistance for a test is $0.0129. If the price surges through these levels, $0.018 would be the next resistance to keep in mind.
While it is still considered bearish, it may pull back into the $0.0068 level for support before climbing higher. A further pull could bring us back to the weekly $0.00553 low. Below it lies $0.00453 – May’s low.
Key Resistance Levels: $0.01, $0.0129, $0.018
Key Support Levels: $0.0068, $0.00553, $0.00453
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